Bank of Montreal (BMO) Investor presentation summary

Profile and priorities

• Established in 1817; ranked 8th largest in North America, with $1.5T in assets, $703B in loans, $1.0T in deposits and ~13M global customers.

• Four operating segments: Canadian Personal & Commercial Banking, U.S. Banking, Wealth Management and Capital Markets.

• Medium-term objectives: EPS growth of 7%–10%, ROE of at least 15%, ROTCE of at least 18%, operating leverage of at least 2% and capital ratios above regulatory requirements.

• Strategic priorities center on deeper client relationships, a high-performance culture, digital-first and AI-powered capabilities, and strong risk management.

Q3'26 financial performance

• Adjusted net income was $2.859B, up 19% YoY; reported net income was $1.750B, down 25%. Adjusted EPS was $3.96 versus reported EPS of $2.38.

• Adjusted revenue rose 11% YoY to $9.959B and adjusted PPPT rose 13% to $4.487B; adjusted expenses increased 9% and adjusted operating leverage was 1.6%.

• Adjusted ROE was 14.0% and ROTCE 18.0%, versus reported ROE of 8.4% and ROTCE of 11.3%; adjusted results included a $973MM after-tax charge, largely related to goodwill from announced divestitures.

• Total PCL was $722MM, including $708MM on impaired loans, or 41 bps, and $14MM on performing loans.

• CET1 was 13.0% and RWA was $454.8B; announced divestitures are expected to add ~50 bps to CET1 on closing, and a new NCIB of up to 25MM shares was announced, subject to approvals.

Segment performance

• Canadian Personal & Commercial Banking revenue was $3.257B, up 6% YoY; adjusted net income was $983MM, up 15%, and adjusted ROE was 22.9%.

• U.S. Banking revenue was US$2.167B, up 5% YoY; adjusted net income was US$661MM, up 9%, adjusted ROE was 9.8% and NIM was 4.02%.

• Wealth Management adjusted revenue was $1.642B, up 20% YoY; adjusted net income was $480MM, up 22%, and adjusted ROE was 42.4%.

• Capital Markets revenue was $2.127B, up 20% YoY; adjusted net income was $649MM, up 45%, and adjusted ROE was 16.1%.